UPI Payments: India’s Foreign Minister S Jaishankar is currently on a three-day visit to Maldives. Here he has also discussed starting UPI service in Maldives. He said that India and Maldives have signed an agreement to start Unified Payment Interface (UPI) here. He said that this agreement will have a ‘very positive’ impact on the tourism sector of Maldives. The Memorandum of Understanding (MoU) was signed on Friday during Jaishankar’s three-day official visit to Maldives.
“MoU signed between National Payments Corporation of India (NPCI) and Ministry of Economic Development and Trade of Maldives on introduction of digital payment system in Maldives,” he said on social media platform ‘X’.
What is UPI?
UPI, developed by NPCI, is an instant real-time payment system to facilitate transactions between banks through mobile phones. Addressing a press conference after meeting his Maldives counterpart Musa Zameer, Jaishankar said India has “revolutionised digital transactions” through its UPI.
The Foreign Minister emphasized this
Jaishankar emphasized that financial inclusion in India has reached a new level. He said that today 40 percent of the world’s real-time digital payments take place in our country. Tourism is the main source of economic activity in Maldives. It contributes about 30 percent to the country’s gross domestic product (GDP) and generates more than 60 percent of foreign exchange.
The purpose of Jaishankar’s visit is to bring bilateral relations with Maldives back on track. This is the first high-level visit from India after the pro-China President of Maldives Mohammed Muizzu took office last year.
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